Buy or sell stocks for today: Following strong sentiments in Asian stock market, Dalal Street ended higher for fifth straight session on Thursday. Nifty 50 index ended at 21,778 levels after climbing to a new peak of 21,801. BSE Sensex finished at 72,410 levels after hitting record high of 72,484. Bank Nifty closed at 48,508 mark after touching new life-time high of 48,636. The Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio fell to 0.80:1.
Vaishali Parekh, Vice President — Technical Research at Prabhudas Lilladher believes that overall Indian stock market sentiment is bullish and Nifty 50 is aiming to touch 22,000 mark. However, Prabhudas Lilladher expert maintained that after breaching 21,550 to 21,600 hurdle, next target for Nifty 50 index is 22,200 to 22,300 levels. On stocks to buy today, Vaishali Parekh recommended three intraday stocks for today — UBL, Berger Paints and Aurobindo Pharma.
On outlook for Nifty 50 today, Vaishali Parekh said, "Nifty index continue to make new record highs creating history with the ongoing strong uptrend aiming to scale the 22,000 zone in the coming days. For the index, the levels near 21550 would be maintained as the near-term support while the landmark of 22,000 zone achievable in the coming sessions with next major target of 22,200 to 22,300 levels anticipated with frontline stocks actively supporting the ongoing rally."
On outlook for Bank Nifty today, Parekh said, "Bank Nifty also entering the new territory with bias maintained strong has witnessed gradual rise and has 49,800 levels as the next immediate target for the coming sessions. The zone near 48,000 would be the near-term support for the index whereas 46,300 levels shall be maintained as the strong support zone as of now."
Parekh went on to add that immediate support for Nifty today is placed at 21,900 level. Bank Nifty would have a daily range of 48,200 to 49,000 levels.
1] UBL: Buy at ₹1751, target ₹1820, stop loss ₹1720;
2] Berger Paints: Buy at ₹596, target ₹630, stop loss ₹587; and
3] Aurobindo Pharma: Buy at ₹1089, target ₹1140, stop loss ₹1070.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decision.
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